Bitcoin is often described as nothing short of the ideal trick for modern online casinos. Is this statement still true, when it comes to practice? Let’s take a closer look at this question.
No matter, whether a player chooses an online casino or a street point, he is expecting maximum comfortable game and personal privacy. Gambling operators, in their turn, are always searching for a reliable payment method to prevent players from canceling money transfers while they’re being processed. There’s a single optimum solution for all these concerns – the cryptocurrency of the new generation – Bitcoin.
For the moment, only the tycoons of the gambling business realize the opportunities Bitcoin opens for them; however, thus far other casino operators prefer to stick to their traditional policies in terms of currency choice. For quite a long time large-scale gambling operators have been developing and trying to maintain beneficial, sustainable and flourishing business-models, which would also accept national fiat currencies. But not all the facilities are ready to refrain from extra profit for sake players’ comfort.
The authoritative representatives of the i-Gambling environment are still learning how to percept Bitcoin as a payment instrument. Unfortunately, this idea is often confined down to public discussions in many companies; usually, senior managers treat cryptocurrencies only as niche solutions. Such situation happened once before: back in 1975 world-famous Kodak Company introduced the first prototype of the digital camera. We all know what was the further fate of the brand…
iGambling market: change in perspective
Many analysts claim, that at least 5 online operators from the TOP-10 of the modern i-Gambling market will ditch traditional payment methods in favor of cryptocurrencies and would become so-called Bitcoin casinos. Is it really possible? Yes, it is. Probably, the list of these gambling companies can even include novelty providers, which support cryptocurrencies predominately. Several years will pass, and these operators will become in a better position if comparing to their competitors, who are still not ready to accept any other currencies as traditional “fiat” ones.
If you decide to do business with Bitcoin, you can drop all your national bank accounts and abroad. You also get a chance to cover your operational expenses with cryptocurrencies. In addition, the usage of Bitcoin will free you from dependence on the regulating authorities like eCOGRA. Such organizations as this one have been established to maintain the reputability and legitimacy of gambling facilities. And finally, cryptocurrencies can easily solve the central problem of the modern gambling market: Bitcoin can open new potential gambling markets, not amendable to any kind of regulation. Bitcoin doesn’t impose any limitations on the sums and doesn’t require to cover fees for bank accounts.
There’re only a few licensed gambling websites, which have already started communicating with the best processing centers and Bitcoin-wallet operators. On the contrary, the most technically advanced companies decided to refrain from any mediators and now accept payments directly from players
Gradually the i-Gambling market gets affected by innovations, which is why the representatives of the entertainment industry face quite an extensive range of problems:
- The choice between the individual processing of payments and outsourcing;
- Sustainable security of financial transactions from/to hot/cold wallets;
- The choice of direct/indirect cryptocurrency purchase;
- Updated and acute information on the relative importance of operating assets both in cryptocurrencies and national currencies;
- The control of hedging and sustainable return assets rate in Bitcoin.
Bitcoin is a relatively new cryptocurrency. It’s just over 6 years old and the results of its development can be already described as stunning. The cryptocurrency covers all countries of the world; this is what distinguishes it from the multitude of the other payment systems. According to statistics, more than 40% of all transaction, which includes cryptocurrencies, have something to do with online gambling. The Internet is regularly buzzed by new gambling web sites, which accept only Bitcoin transactions. The pioneer in this direction was SatoshiDice casino established in 2011.
The establishment of the gambling market is gaining tempo so rapidly, that authoritative guides on gambling platforms seemly cannot keep up with it. These guides simply cannot embrace all the new gambling facilities, even if they have a superb reputation.
If you’re searching for innovations in the gambling industry, we strongly recommend you to take a closer look at Bitcoin.